Millennials and their "money saving tips"

[thefuzz]

2 hours ago, Chimera said:

How does coffee always get brought up when the topic is saving money?

People aren't broke because of coffee. 

Shoes, coffee, music, sporting events, clothes, phones/tech etc...it's not the cup it's the premise.

 

[Chimera]

6 hours ago, thefuzz said:

Shoes, coffee, music, sporting events, clothes, phones/tech etc...it's not the cup it's the premise.

 

Coffee has been this weird Boogeyman since the Great Recession.

Can't afford rent? StOp BuYiNg COfFeE

It's weird how the whole world went with this hive mind thought that people's budgets are ruined because of coffee. 

[PanthersATL]

19 hours ago, Chimera said:

How does coffee always get brought up when the topic is saving money?

People aren't broke because of coffee. 

Coffee is a metaphor. 

[justinahrent]

Well everybody is making their choices during their life, so it is up to him. In my opinion, I don't like to live like him in the future. I'm now 18 y.o. and I am always looking for how to make money as a teenager option on the internet. I am trying to find a good option for myself and earn them more money as possible to get a good bank and invest in something like cryptocurrency/stocks to don't have financial problems in the future. If you got good advice for me to, feel free to share your opinion.

[Jay Roosevelt]

On 1/26/2022 at 9:18 AM, PanthersATL said:

Coffee is a metaphor. 

I want to be there when the legislature bans coffee...

[PanthersATL]

On 2/18/2022 at 12:18 PM, justinahrent said:

 invest in something like cryptocurrency/stocks to don't have financial problems in the future. If you got good advice for me to, feel free to share your opinion.

Looking at today's landscape, cryptocurrency is not an investment.  It's more of a gamble/guessing game as there is nothing to explain price fluctuations other than being able to get other people to pay you.

Stocks, funds, or other company-based securities fluctuate based on profit/loss/margin/dividend/other measurable items that quantify why one stock is worth what it is/isn't vs another.

You're young, so stocks/funds in the market is the best long-term play for you to make maximum long-term money with a minimum level of risk compared to new-fangled things like crypto where only a few people are making coin.

 

[thefuzz]

On 2/21/2022 at 3:40 PM, PanthersATL said:

Looking at today's landscape, cryptocurrency is not an investment.  It's more of a gamble/guessing game as there is nothing to explain price fluctuations other than being able to get other people to pay you.

Stocks, funds, or other company-based securities fluctuate based on profit/loss/margin/dividend/other measurable items that quantify why one stock is worth what it is/isn't vs another.

You're young, so stocks/funds in the market is the best long-term play for you to make maximum long-term money with a minimum level of risk compared to new-fangled things like crypto where only a few people are making coin.

 

This is true.

The one thing that I would tell myself (financially) looking back, was start investing in the market early and often, don't worry about the ups and downs, you aren't going to pull it out for 20-40 years.

I'd hate to guess how much more money I'd be worth, but it's probably North of 1/2 million more had I invested regularly and without much restraint.

Max out your 401.  If you don't have one, get a SEPP.  In addition try to throw as much toward a Roth IRA as possible and don't look at it but a couple times per year.  

[PanthersATL]

If you start at 18 years old with $0 investments to start....      if you aren't able to do anything else, this is what you could end up with: 

if you can afford to put $100 a month away with an annualized rate of return of 7%....

you'll have $400,000 by the time you're 65.    (making it $200/m increases this to $800k)

And that's without increasing your monthly contribution, or having a diversified portfolio where that % could be larger than 7%... or having a 401(k) with matching contributions from your employer.